AUD/USD Outlook (01 June 2021)
Overall, AUD/USD is ranging across. Recently, AUD/USD broke above the key level of 0.77.
The Australian Building Approvals m/m data (Forecast: -10.1%, Previous: 17.4%) will be released later at 0930 (GMT+8).
The Reserve Bank of Australia (RBA) will be announcing their monetary policy decision later at 1230 (GMT+8). It is expected that the central bank will be holding interest rate unchanged at 0.10%. Also, the RBA will likely make no change to quantitative easing (QE) as it had already highlighted during the previous meeting that it will be evaluating its QE programme during the July meeting. Nonetheless, pay attention to the central bank’s view on the economic recovery in Australia. Also, with the renewed lockdown of Australia’s Victoria state last Thursday, the RBA may be highlighting the impact on its plan on QE.
The Australian GDP q/q data (Forecast: 1.1%, Previous: 3.1%) will be released tomorrow at 0930 (GMT+8).
AUD/USD’s next support zone is at 0.75500 and the next resistance zone is at 0.78000.
If the RBA mentions anything on a potential cut back of QE or an earlier than expected timeline for interest rate hike, look for buying opportunities of AUD/USD.
The Australian Building Approvals m/m data (Forecast: -10.1%, Previous: 17.4%) will be released later at 0930 (GMT+8).
The Reserve Bank of Australia (RBA) will be announcing their monetary policy decision later at 1230 (GMT+8). It is expected that the central bank will be holding interest rate unchanged at 0.10%. Also, the RBA will likely make no change to quantitative easing (QE) as it had already highlighted during the previous meeting that it will be evaluating its QE programme during the July meeting. Nonetheless, pay attention to the central bank’s view on the economic recovery in Australia. Also, with the renewed lockdown of Australia’s Victoria state last Thursday, the RBA may be highlighting the impact on its plan on QE.
The Australian GDP q/q data (Forecast: 1.1%, Previous: 3.1%) will be released tomorrow at 0930 (GMT+8).
AUD/USD’s next support zone is at 0.75500 and the next resistance zone is at 0.78000.
If the RBA mentions anything on a potential cut back of QE or an earlier than expected timeline for interest rate hike, look for buying opportunities of AUD/USD.